The Lovesac Company Publishes 2022 ESG Report
STAMFORD, Conn., Dec. 19, 2022 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”), the home furnishing brand best known for its Sactionals, The World's Most Adaptable Couch, has released its Environmental, Social & Governance (“ESG”) Report for the 2022 fiscal year. The report highlights Lovesac’s priorities and initiatives on environmental stewardship, social commitments, corporate governance, and community service.
Shawn Nelson, Chief Executive Officer, stated, “Lovesac’s commitment to ESG responsibility and accountability is fundamental to how we operate the business and create value for our customers, associates, shareholders, and communities that we serve. We aim to become a trailblazer in ESG terms within our industry. Our entire business philosophy is anchored in creating designed for life sustainable products and building a circular business model. We’re very proud to share our continued integration of ESG policies and procedures into the culture of the organization as well as the way we conduct business in order to closely align our interests with our stakeholders. Going forward, we remain committed to minimizing our environmental impact, generating stakeholder value, and incorporating thoughtful governance in everything we do.”
Lovesac’s ESG framework relies on aspects of the Sustainability Accounting Standards Board (SASB) Building Products and Furnishings and Multiline and Speciality Retailers & Distributors standard. The strategy also takes inspiration from the United Nations Sustainable Development Goals to align Lovesac’s strategic purpose with global social and environmental priorities. This latest ESG report includes Lovesac’s first disclosure of the Company’s operational emissions footprint, which is calculated in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard.
Key highlights include:
- Release of long-term targets for Diversity Equity and Inclusion at the Company’s highest leadership levels. Lovesac aims to increase representation of women in leadership roles to 50% and increase BIPOC representation in leadership to 30%.
- The Company has baselined its emissions from internal operations and electricity consumption (Scope 1 & 2) and published a roadmap to reach Zero Emissions by 2040. Lovesac has committed to repurpose 1 billion plastic bottles in its products’ fabric and materials through a partnership with REPREVE®. Sac and Sactional base liners and select fabrics are made with certified recycled yarn from plastic bottles.
- New ESG targets in focus areas the Company designates as Earth, Love, and Purpose establish measurable commitments to ESG improvements over the next two decades.
The report features the Company’s continued goal to meet net-zero waste and emissions by 2040 and its Designed For Life principles on inventing and innovating in order to deliver more high-quality, sustainably manufactured product platforms in multiple categories across the home space. This will be paired with the Circle to Consumer™ philosophy for services and programs that will help it build long-term relationships with its highly engaged and high value customer base.
This report is Lovesac’s second annual ESG report and is part of the Company’s multi-phased ESG commitment to serve its customers, associates, communities, suppliers, and stakeholders in a way that benefits them all. Lovesac remains committed to advancing and reporting on the progress of its ESG priorities through successive ESG reports.
Lovesac’s 2022 ESG Report is available on the Company’s website at https://investor.lovesac.com/esg.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other legal authority. Forward-looking statements can be identified by such words as “aim,” “may,” “believe,” “anticipate,” “could,” “should,” “intend,” “plan,” “will,” “strategy,” “target,” “goal,” “expect,” “strive,” “vision,” and “can” or variations of these terms and other similar expressions. Forward-looking statements inherently involve risks and uncertainties. For information on certain factors that could cause actual events or results to differ materially from our expectations, please see our filings with the Securities and Exchange Commission (SEC), including our most recently filed Form 10-K and our Form 10-Qs and similar disclosures in subsequent reports filed with the SEC. Any forward-looking statements speak only as of the date on which we make it. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
About The Lovesac Company
Based in Stamford, Connecticut, The Lovesac Company is a technology driven company that designs, manufactures and sells unique, high quality furniture derived through its proprietary Designed for Life approach which results in products that are built to last a lifetime and designed to evolve as our customers’ lives do. The current product offering is comprised of modular couches called Sactionals, premium foam beanbag chairs called Sacs, and the Sactionals StealthTech Sound + Charge System. As a recipient of Repreve's 5th Annual Champions of Sustainability, responsible production and innovation are at the center of the brand's design philosophy with products protected by a robust portfolio of utility patents. Products are marketed and sold primarily online directly at www.lovesac.com, supported by direct-to-consumer touch-feel points in the form of our own showrooms as well as through shop-in-shops and pop-up-shops with third party retailers. In 2022, Lovesac was recognized by Furniture Today within the 'fastest growing' category, and as an honoree for Serendipity's Design Market. LOVESAC, SACTIONALS, SAC, DESIGNED FOR LIFE, and THE WORLD'S MOST ADAPTABLE COUCH are trademarks of The Lovesac Company and are Registered in U.S. Patent and Trademark Office.
Investor Relations Contact:
Rachel Schacter, ICR
Source: The Lovesac Company
Released December 19, 2022